But calls for the withdrawal of the subsidy-which had become very expensive as it cost a reported USD 10 B in 2022-got louder over the past decade as the government became increasingly cash-strapped. The Nigerian government had long subsidised the price of petrol such that the fuel retails in the country at significantly lower than international market prices. On Monday, May 29, Bola Tinubu, a divisive figure whose victory in the January 25 Presidential elections is still being contested in court, was sworn in as Nigeria’s 16th Head of State and his inaugural speech contained utterances about his intention to immediately discontinue a contentious petrol subsidy regime. That’s why I parked my car till further notice.” “It’s difficult for me to work because filling stations are currently selling between NGN 511.00 (USD 1.11) to NGN 520.00 (USD 1.13) per litre but the fares are still as before. “As it stands, there have not been any price adjustments on Bolt rides and it’s affecting the drivers, most of us are not even on the road,” he told WT over a phone call. Anthony, a 36-year-old who has earned a livelihood the last two years by helping people get around Port Harcourt, a major city in Southern Nigeria, has had his Toyota Corolla parked since Tuesday this week.Īs an individual who swings between Bolt and Uber-the two main ride-hailing apps used in the city-seeking passengers, being on the road has ceased to make sense following an abrupt shakeup in Nigeria that has seen the pump price of petrol more than double overnight such that a full tank of fuel for a regular sedan now costs around NGN 35 K (~USD 76.00) on average, higher than the country’s monthly minimum wage.
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